Renter's Insurance

[Bozz10mm]

My Son's apartment complex has changed management recently. He received notice the other day that from this day forward, all new leases and renewals will be required to show proof of renter's insurance. I'm at a loss as to why they would require all tenants to carry renter's insurance. Doesn't that just cover personal belongings of the insured? And probably some liability coverage for guests, visitors, and trespassers too.

I've never heard of that before. How does it benefit the management?

 

[Charlie]

If they didn't require it when he signed the lease, he probably doesn't have to get it until he signs a new lease. Not sure how it benefits the management.

 

[Southpaw]

Renter's insurance also covers damage to others as well. I had the same thing happen to me and as Charlie mentioned, it was required only upon signing the new lease and not mid lease.

 

[Southpaw]

Also, It wasn't very expensive and was around $15 a month.

 

[Texas42]

Renter's insurance also covers damage to others as well. I had the same thing happen to me and as Charlie mentioned, it was required only upon signing the new lease and not mid lease.

Stupid not to get renter's insurance. It's cheap. Tell your son to get it.

 

[ROGER4314]

When friend Bonnie and I first met about 15 years ago, she had an apartment about 10 miles from my house. She started staying over at my place a lot. She went home one day and the knot heads above her place had broken off the fitting where their washer & dryer hooked up. It flooded her place and ruined a lot of her belongings.

She changed apartments and still spent time at my house. In the second apartment, the people above her also broke a water fitting and REALLY screwed up her belongings! She was over at my house a lot and the water damage was just awful because it was a while until she discovered it.

In both events, her renters insurance covered everything.

IMHO, they want you to have renters insurance to keep their butts from being sued.

Flash

 

[Davetex]

Having renters insurance is the smart thing to do. I've seen too many stories of apartments burning and tenants losing everything they had. It's cheap to cover all your stuff.

 

[Bozz10mm]

IMHO, they want you to have renters insurance to keep their butts from being sued.

Flash

Bingo! I believe you've hit the nail upon the head.

It's true. The cost is negligible. I think he found an insurer for around $17 a month. Less than Obama Care for sure. It's just kinda irksome that it will be mandatory. Hmm, just like Obama Care.

 

[Recoil45]

When I lived in an apartment for a year I was required to have 300k in personally liability. I assume that is the reason it is required. The policy was priced based on the coverage level of your personal property. We had 75k of coverage and paid $389 for the year.

 

[ed308]

A renters insurance policy provides the following coverage:
1) renter's personal property when damaged by a covered loss.
2) premise liability coverage for someone injured due to the renter's negligence.
3) loss of use for temporary housing if the Apt becomes uninhabitable due to a covered loss.

Most renter or homeowner policies provide limited coverage for stolen firearms and jewelry. But they are inexpensive. Cost can vary based on location, policyholder claim history and etc.

The Apt Complexes are likely requiring renters have a policy to try reduce claims and lawsuits filed against the Complex's policy. Although the Complex wouldn't cover a renter's personal property, they may have a duty to defend a suit for negligence which is expensive.

 

[Eli]

It's to cover your liability if you screw up (accidental fire, etc.), and to lessen their possible liability burden.

Eli

 

[txinvestigator]

It's the liability insurance the complex cares about.